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Chart of the Day: Family Size is Shrinking

Samuel A. Kiburz, Senior Vice President, Chief Investment Officer Mar 19, 2024
Line chart illustrating the decline in average family size from 3.3 in 1960 to 2.5 today. Decrease began in 1965 with the enactment of the Social Security Act. Recent decreases, although stabilizing, are attributed to families having fewer children.

Contents

Today's chart, sourced from Apollo and the Census Bureau data, illustrates a decline in the average family size from 3.3 members per household in 1960 to 2.5 in 2023. The trend began in 1965, with many attributing it to the enactment of the Social Security Act as part of Lyndon Johnson's "Great Society" program, which expanded benefits enabling older parents to live independently from their adult children. While the decline is stabilizing, recent decreases are primarily attributed to families having fewer children.
Chart of the Day

About the Author

Samuel A. Kiburz, Senior Vice President, Chief Investment Officer
Samuel A. Kiburz, Senior Vice President, Chief Investment Officer

Samuel serves as Senior Vice President, Chief Investment Officer for the Crews family of banks. He manages the individual investment holdings of his clients, including individuals, families, foundations, and institutions throughout the State of Florida. Samuel has been involved in banking since 1996 and has more than 20 years experience working in wealth management.

Investments are not a deposit or other obligation of, or guaranteed by, the bank, are not FDIC insured, not insured by any federal government agency, and are subject to investment risks, including possible loss of principal.

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